Primary Department: Housing and Community Development
Primary Department Head/Elected Official: Thao Costis
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
Regular or Supplemental RCA: Regular RCA
Type of Request: Transfer of Funds Only
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWBE Contracted Goal (if applicable): N/A
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable): N/A
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
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Request for approval to reduce the Housing Program Imprest bank account and transfer temporary Imprest funds back to its original source.
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Background and Discussion:
On occasion, HCD has been required to operate several federally funded affordable housing programs with stand-alone Imprest bank accounts. Initially, “Imprest funds” are provided as “seed” funding from internal resources upon creation of the bank account.
Since the CDBG-DR Single Family Reimbursement program has concluded and the Buyout program is nearing completion it is now unnecessary to maintain the same amount seed funds held in the Housing Program Imprest bank account (acct # ending in X5900). Due to this reduced transactional demand and funding levels in this account, the department will transfer a portion of the account by $1.6 million and return these funds back to its origins, the TIRZ Affordable Housing (Fund 2402). The remaining balance for the account after this reduction will be $1.4 million, which will allow for continued administration of ARPA single family acquisitions and CDBG Program Income single and multi-family programs.
Expected Impact:
Returning the funds held in the Imprest account to its original funding source will release the claim on cash and allow the department to better utilize these funds in other Affordable Housing projects.
Alternative Options:
N/A
County Strategic Plan Goal: 6. Help residents achieve housing stability.
County Strategic Plan Objective: Choose an item.
Justice/Safety Initiative (Goal 1): Choose an item.
Infrastructure Initiative (Goal 2): Choose an item.
Economy Initiative (Goal 3): Choose an item.
Health Initiative (Goal 4): Choose an item.
Climate/Resilience Initiative (Goal 5): Choose an item.
Housing Initiative (Goal 6): Choose an item.
Additional notes related to the Strategic Plan: The return of these funds will allow the department to use the funds for other housing projects.
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Precinct(s): Countywide
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Anticipated Court Date: 8/7/2025
Anticipated Implementation Date (if different from Court date): Click or tap to enter a date.
Emergency/Disaster Recovery Note: Not an emergency, disaster, or ARPA related item
Contact(s) name, title, department: Graylin, Guidry; Director, Accounting; Housing and Community Development
Attachments (if applicable): N/A